What is the World Bank?

The World Bank is an international institution that provides financial assistance to low and middle-income countries. It is part of the United Nations (UN) system and was established in 1944 in Bretton Woods, New Hampshire, USA. The purpose of the World Bank is to finance investments in developing and emerging countries and to foster global economic growth and prosperity. The World Bank has two goals: to end extreme poverty and promote shared prosperity. It works to reduce poverty and inequality by providing loans, grants, and technical assistance to low and middle-income countries, while promoting climate action, access to education, gender equality, and other sustainable development initiatives. The World Bank provides loans at relatively low rates of interest for investment projects in areas such as health, education, infrastructure, and job creation. It also provides technical assistance, research, and capacity building in areas such as economic policy, public sector management, and financial management. The World Bank is governed by a Board of Governors, made up of representatives from each of its 189 member countries. It is headquartered in Washington DC, USA, and is headed by a President, currently David Malpass. The World Bank is an important source of financing for countries in South Carolina as it offers financing for projects that promote economic development, environmental sustainability, and poverty alleviation. It is also an important source of expertise and advice for governments in South Carolina on managing their economies and public finances.

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What is the World Bank?

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